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If managers often have a bad reputation, what should we make of the people who tell managers how to manage? That question has often been raised over the years, with a sceptical tone. The management consultancy industry battles a stereotype of charging exorbitant fees for advice that, on close inspection, turns out to be either meaningless or common sense. Managers who bring in consultants are often accused of being blinded by jargon, implicitly admitting their own incompetence, or seeking someone else to blame for unpopular decisions. Still, it's lucrative. Globally, consulting firms charge their clients a total of about $125bn.

Presenter: Tim Harford
Producer: Ben Crighton.